The above (incomplete) table provides information about the relationships between output and various cost measures. The total cost (TC) of producing 9 units of output is
A) 180.
B) 190.
C) 20.
D) None of the above answers is correct.
Ques. 2Measured wealth is a less accurate indicator of economic inequality than is measured income because measured wealth excludes
A) owner-occupied housing.
B) financial assets.
C) depreciation.
D) human capital.
Ques. 3The table above shows sales of the firms in the pet food industry. What type of market is this?
A) perfect competition
B) monopolistic competition
C) oligopoly
D) monopoly
Ques. 4Suppose the government has declared beer to be an illegal substance and has imposed penalties on any person caught selling a beer. Buying a beer, however, remains legal.
Using the above figure, in which CBL is the cost of breaking the law, beer consumption is decreased by A) 200 quarts.
B) 300 quarts.
C) 400 quarts.
D) 500 quarts.
Ques. 5Lizzie's preferences are shown in the figure above. Which of the following combinations of goods does Lizzie prefer the most?
A) 6 comic books and 20 cookies
B) 8 comic books and 8 cookies
C) 12 comic books and 10 cookies
D) 4 comic books and 12 cookies
Ques. 6In the above figure, the price elasticity of supply at any given quantity is
A) highest along S1, next highest along S2, and lowest along S3.
B) highest along S3, next highest along S2, and lowest along S1.
C) equal to zero on each of the three supply curves.
D) equal to one on each of the three supply curves.
Ques. 7If firms monopolistically competitive firms are making an economic profit, as new firms enter the market, each of the existing firms' demand curve shifts ________, the marginal curve shifts ________, and the profit-maximizing quantity ________.
A) leftward; leftward; decreases
B) rightward; leftward; increases
C) leftward; rightward; decreases
D) leftward; leftward; increases
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